The Managing Director of Nigerian Bulk Electricity Trading Plc (NBET), Mr. Rumundaka Wonodi, has said he is not aware of any specific tenure for him as the head of the public company.
Wonodi, who spoke exclusively to Daily Trust yesterday was reacting to enquiries about the federal government directive to the NBET on the tenure of the pioneer management team. He said he has not gotten any such directive from the Ministry of Power, Works and Housing adding that the firm is not an public agency but a Public Liability Company (PLC).
He said: “Yes I have stayed for four years as I was appointed in 2011. To my understanding, my appointment into the Public Liability Company (PLC) is not like an agency that says the director or CEO has a four-year tenure.”
NBET was incorporated on July 29, 2010 as scheduled in the Electric Power Sector Reform Act (EPSRA) 2005 as the Special Purpose Vehicle (SPV) for buying electricity in bulk from Generation companies (Gencos) and reselling to the Distribution companies (Discos)while doing other ancillary services for the Gencos.
The federal government company which has over $800million capitalization base by October 2014 executes the Power Purchase Agreement (PPAs) it has with Gencos and resells power to the Discos through the vesting contracts while being a credit-worthy counterpart for power generation projects.
Explaining the process of appointing a CEO for the firm, he said: “Once the Board approves a person, he works at the pleasure of the President. If by tomorrow the board representing the President feels that he is not performing, he does not have any choice because it is not a four-year tenure. That’s how we have always understood it, that from the day you are appointed, you are on your toes working.
The present administration had in mid 2015 dissolved all the boards of public agencies and is yet to constitute a fresh one.
The Special Assistant, Communications to the Minister, Mr Hakeem Bello in his response said he was making enquiries and would give further details.


http://www.dailytrust.com.ng/news/business/nbet-i-ve-no-tenure-of-office-wonodi-says/131060.html

No problem we are coming

Vestiges of the clueless Jonathan's appointments.

Remove him fast and install another Fulani mafia sharp.. Thats the norm.